Net Profit Margin
since 2020
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Carrier Global Corp. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2020
- Price to Sales (P/S) since 2020
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Calculation
Carrier Global Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income attributable to common shareowners1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | = | 100 | × | ÷ | |||
| Dec 31, 2021 | = | 100 | × | ÷ | |||
| Dec 31, 2020 | = | 100 | × | ÷ |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 US$ in millions
The net profit margin exhibited significant fluctuation between 2020 and 2022. Initial performance in 2020 demonstrated a relatively strong profitability position, which subsequently declined before experiencing substantial improvement. This analysis details the observed trends in net income, net sales, and the resulting net profit margin.
- Net Income
- Net income attributable to common shareowners decreased from US$1,982 million in 2020 to US$1,664 million in 2021, representing a decline. However, a considerable increase was observed in 2022, with net income reaching US$3,534 million.
- Net Sales
- Net sales increased from US$17,456 million in 2020 to US$20,613 million in 2021, indicating growth in revenue. In 2022, net sales experienced a slight decrease to US$20,421 million, though remaining above the 2020 level.
- Net Profit Margin
- The net profit margin began at 11.35% in 2020. A notable decrease was recorded in 2021, with the margin falling to 8.07%. The most significant change occurred in 2022, where the net profit margin rose sharply to 17.31%. This increase suggests improved cost management, pricing strategies, or a shift in product mix relative to sales, despite a minor decrease in overall sales revenue.
The substantial increase in net profit margin in 2022, despite a slight decline in net sales, warrants further investigation to determine the underlying drivers of this improved profitability. The initial decline in margin during 2021, coupled with the subsequent recovery, highlights the sensitivity of profitability to changes in both revenue and net income.
Comparison to Competitors
Carrier Global Corp., net profit margin, long-term trends, comparison to competitors
| Carrier Global Corp. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | ||||||||
| Dec 31, 2021 | ||||||||
| Dec 31, 2020 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Sector (Capital Goods)
Carrier Global Corp., net profit margin, long-term trends, comparison to sector (capital goods)
| Carrier Global Corp. | Capital Goods | |
|---|---|---|
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Industry (Industrials)
Carrier Global Corp., net profit margin, long-term trends, comparison to industry (industrials)
| Carrier Global Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).